Fewer Overseas Tourists in U.S. Hurt Macy’s Sales
August 23, 2023
Macy’s has revealed that a decline in overseas tourists visiting the United States has adversely impacted its sales, with international visitors now constituting less than 2% of its total sales, down from 3% to 4% before the COVID-19 pandemic. The CEO, Jeff Gennette, shared this information during a post-earnings conference call, stating that Macy’s net sales in the quarter were down 8% compared to the same period last year. Despite global travel rebounding since the pandemic, tourists are currently prioritizing spending on experiences like entertainment and dining over shopping for goods.
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